Ethereum

Resistance

Ethereum price started a recovery wave from the $2,940 support. ETH could gain bullish momentum if it clears the $3,055 and $3,080 resistance levels. 
<ul> 
 <li>Ethereum found support near $2,940 and started a steady increase.</li> 
 <li>The price is trading near $3,030 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair must surpass the $3,080 resistance to continue higher in the near term.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price extended losses below the $3,000 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-63200/" target="_blank" rel="noopener ">Bitcoin</a>. Finally, the bulls appeared near the $2,940 and ETH started a recovery wave. A low was formed at $2,936 and the price started an upside correction. 
There was a decent increase above the $2,980 level. The price cleared the 23.6% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Besides, there was a break above a major <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-support-2940/" target="_blank" rel="noopener ">bearish trend line</a> with resistance at $2,990 on the hourly chart of ETH/USD. 
Ethereum is now trading near $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level and 100-hourly Simple Moving Average. The first major resistance is near the $3,080 level or the 50% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607324" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_4aa99a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,550 resistance zone. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,080 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,935 zone. 
The next support is near the $2,880 level. A clear move below the $2,880 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now above the 50 level. 
Major Support Level – $2,935 
Major Resistance Level – $3,080

Ethereum Price Signals Fresh Increase Unless Fails To Surpass $3,080

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